最適企業社會責任投資水準：來自股利政策之證據

When Corporate Social Responsibility Investment Hits the Sweet Spot: Evidence from Dividend Payouts

本研究以1,140家台灣上市櫃公司為樣本，探討公司企業社會責任(CSR)投資與股利發放率之間的關係。本研究從銀行觀點來定位公司CSR投資之最適水準。研究發現，就整體樣本而言，CSR與股利發放率呈正向關聯。再者，當CSR超過最適水準，CSR與股利發放率間無統計相關。另外，當CSR低於或等於其最適水準，CSR與股利發放率呈顯著正向關聯。最後，CSR對股利之最明顯之正向影響發生在CSR達到最適水準之前。這些結果大體上與「當CSR不逾越最適水準之前提下，CSR投資可強化公司獲利，因而可提高公司股利發放率之說法」相符。

The present study examined the association between corporate social responsibility (CSR) investment and dividend payout ratios. The study adopted a lending-bank perspective. In total, 1,140 listed firms in Taiwan were included in the analysis. The optimal level of CSR investment was identified. Across the overall sample, CSR investment was positively associated with dividend payout ratios. When CSR investment exceeded the optimal level, this association was nonsignificant. Notably, CSR investment was significantly and positively associated with dividend payouts when at or below the optimal level. These findings suggest that CSR investment can enhance profitability and increase dividend payouts when it does not exceed the optimal threshold.